IDEXX Laboratories, Inc. (NASDAQ:IDXX) Stake Lifted by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 370.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,577 shares of the company’s stock after acquiring an additional 7,542 shares during the period. Edgestream Partners L.P.’s holdings in IDEXX Laboratories were worth $4,666,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in IDXX. Nordea Investment Management AB grew its stake in IDEXX Laboratories by 15.5% in the 1st quarter. Nordea Investment Management AB now owns 13,719 shares of the company’s stock valued at $7,447,000 after buying an additional 1,839 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in IDEXX Laboratories in the second quarter valued at about $20,418,000. Brevan Howard Capital Management LP acquired a new position in shares of IDEXX Laboratories during the fourth quarter worth approximately $3,183,000. First Hawaiian Bank acquired a new position in shares of IDEXX Laboratories during the first quarter worth approximately $982,000. Finally, Meyer Handelman Co. acquired a new position in shares of IDEXX Laboratories during the first quarter worth approximately $2,155,000. 87.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IDXX has been the subject of a number of recent research reports. BTIG Research assumed coverage on shares of IDEXX Laboratories in a research note on Thursday, July 25th. They set a “buy” rating and a $580.00 price target for the company. Piper Sandler reduced their price target on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Stifel Nicolaus reduced their target price on shares of IDEXX Laboratories from $520.00 to $510.00 and set a “hold” rating for the company in a report on Monday, June 24th. Finally, StockNews.com cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $582.25.

IDEXX Laboratories Price Performance

IDXX opened at $512.27 on Wednesday. The firm’s fifty day moving average price is $482.42 and its two-hundred day moving average price is $499.81. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.37 and a quick ratio of 1.03. The company has a market capitalization of $42.31 billion, a price-to-earnings ratio of 49.59, a P/E/G ratio of 4.17 and a beta of 1.33. IDEXX Laboratories, Inc. has a 1 year low of $372.50 and a 1 year high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Tuesday, August 6th. The company reported $2.44 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.44). IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the company earned $2.67 earnings per share. IDEXX Laboratories’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts anticipate that IDEXX Laboratories, Inc. will post 10.45 earnings per share for the current fiscal year.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.